FRY - Fitzroy Resources Limited (Cu, Zn, Ag, Au) - Low EV QLD Explorer

[shasta]

Another stock off the LOW EV list (currently #6) with a precious/base metal focus

Fitzroy Resources is a new(ish) listing that was spun out of Icon Resources (ASX:III)

Shares on Issue: 41m (no listed options)

Market Cap @ $0.225 = $9.2m

Cash @ 31/12= $4.9m

EV = $4.3m

Top 20 owns 50.5%

About (FRY) - Fitzroy Resources:

Main Projects:

Rookwood*
Glentanna

For a run down on the projects - http://www.fitzroyresources.com.au/projects-overview.php

* Contains the Develin Creek JORC Resource, 1.757Mt @ 1.71% Cu, 2.05% Zn, 8.5 g/t Ag, 0.24 g/t Au

That equates to ~30kt Copper, ~36kt Zinc, ~5.2m/oz Silver, ~150k/oz Gold, an IGV of ~$777USm*

* Going off metals values as per "The Australian" 5/3/11

Recent Presentation:

http://stocknessmonster.com/news-item?S=FRY&E=ASX&N=530008

Recent Anns re Projects:

http://stocknessmonster.com/news-item?S=FRY&E=ASX&N=528937
http://stocknessmonster.com/news-item?S=FRY&E=ASX&N=527447

Dec Quarterly:

http://stocknessmonster.com/news-item?S=FRY&E=ASX&N=526046

Disc: Nil held

[shasta]

FRY - Drilling intersects 13.5m massive sulphide at Develin Creek

http://stocknessmonster.com/news-item?S=FRY&E=ASX&N=537262

FRY has $4.9m cash, (EV $6.2m @ 27c), a JORC resource, with an IGV of $780m

[shasta]

FRY - Results Confirm Extension to Mineralisation at Develin Creek

http://stocknessmonster.com/news-item?S=FRY&E=ASX&N=541078

Fitzroy Resources Limited (ASX:FRY) has extended the known limits of its Develin Creek copper-zinc-silver deposit in Queensland in the first phase of its exploration program
• FRWD0002 returns 13.15m @ 2.9% Copper, 3.5% Zinc and
30g/t Silver in VHMS style massive sulphide.
• FRWD0001 returns 0.9m @ 4.6% Copper, 5.0% Zinc and 23g/t
Silver in massive sulphide
• Both intersections are beyond the limits of the resource and the grade is
higher than the inferred resource grade
• The intersection in FRWD0002 may constitute a new lens
• Downhole EM scheduled to be completed by the end of May

Market down 0.5c @ 25.5c, but did jump 2c yesterday

FRY remains on the LOW EV list, as the Copper-Zinc-Silver project hs a JORC resource & looks like this drilling will increase it

Disc: Nil